For investors seeking to maximize portfolio efficiency, choosing the right assets for the job is essential. And this is a decision point where a quality, focused ETF strategy can help. Utilizing the transparency and tax efficiency of the ETF wrapper, the Calamos CEF Income & Arbitrage ETF (CCEF ) fund of funds aims to accomplish multiple objectives within a single investment.
Secondary Market Exposure With Closed-End Fund ETFs
For investors seeking to cultivate a diversified portfolio, CCEF can help. The fund invests in closed-end funds (CEFs), which offer only a fixed number of shares during an IPO. CEFs trade on secondary markets and can help diversify portfolio exposure away from more traditional market options. What’s more, CCEF’s investment strategy utilizes multiple return drivers seeking to produce specialty alpha – total return and high distribution rates – drawing from Calamos’ long-standing experience in closed-end fund dynamics and the ability to identify market inefficiencies.
Consistent Yield
By investing in closed-end funds, CCEF aims to provide investors with strong monthly income. CEFs often have higher distribution rates compared to traditional asset classes, especially when CEFs are trading at discounts, such as those that constitute CCEF. This can make the fund a valuable asset for investors seeking to bolster their yield. As of June 30, 2025, CCEF offered a 30-day SEC yield of 7.41%.
Closed-End-Fund ETFs and Long-Term Value
Diversification and yield are not the only benefits that CCEF offers. Closed-end funds unique pricing characteristics provide cost transparency and the potential to purchase funds for a discount. By focusing on discounted CEFs, the fund can help investors outperform the closed-end fund market and generate capital appreciation.
Experienced Management
While providing portfolio diversification, consistent monthly yield, and capital appreciation all at once may seem daunting for a single ETF, CCEF proves it’s possible. Calamos Investments possesses over two decades of experience navigating the closed-end fund market, and this experienced leadership elevates the fund’s active management.
Since the fund’s inception in January 2024, CCEF’s NAV is up 9.72% as of June 30, 2024. These results come alongside good fund flows, with CCEF seeing over $11 million in net flows since its launch.
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Disclosure Information
Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.
Risks of investing in the Fund include risks associated with (1) the Fund’s investment in closed-end fund shares; (2) the closed-end funds’ investments; and (3) any other investments of the Fund, including investments in ETFs, BDCs, and derivative instruments. The shares of closed-end funds may trade at a discount or premium to, or at, their NAV. The securities of closed-end funds may be leveraged. As a result, the Fund, may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of its shares) will be diminished. In addition, closed-end funds are allowed to invest in a greater amount of illiquid securities than open-end mutual funds. Investments in illiquid securities pose risks related to uncertainty in valuations, volatile market prices, and limitations on resale that may have an adverse effect on the ability of the fund to dispose of the securities promptly or at reasonable prices.
The Fund may invest in BDCs, which typically operate to invest in, or lend capital to, early stage-to-mature private companies as well as small public companies. The Fund’s investment in shares of ETFs subjects it to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of the Fund, including authorized participant concentration risk, market maker risk, premium-discount risk and trading issues risk. Derivatives are instruments, such as futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments.
Additional Information
30-day SEC yield reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund’s expenses for that same period.
Calamos Financial Services LLC, Distributor
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Calamos Financial Services LLC
2020 Calamos Court | Naperville, IL 60563
866.363.9219 | www.calamos.com | [email protected]
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